Fresh Thinking: The 3-Minute Read. Episode 111

Here’s your 3-minute quick read of Fresh Thinking by Snowden Optiro’s podcast Episode 111.
We’ve pulled out the key insights and takeaways—perfect for when you want the value, minus the headphones.

Episode 111: Reading Between the Lines

In this episode of Fresh Thinking by Snowden Optiro, host Tarrant Elkington chats with Principal Consultant Matt Walker about how to decode ASX announcements – in particular, those featuring Mineral Resource Estimates (MREs).

This one’s not just for geologists. If you’re an investor, analyst, or just someone trying to make sense of the mining industry’s technical language, this episode will help you know what to look for (and what to question).

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What makes a good MRE announcement?

Matt explains that MREs must be prepared under the JORC Code (currently the 2012 edition), and by a Competent Person – someone with the relevant experience and professional credentials. But beyond the legal minimums, he urges both preparers and readers to aim for clarity and transparency.

Some key ingredients of a solid public MRE release:

• Clear statement of geology and interpretation methods
• Justification for cut-off grades and estimation techniques
• Proper classification (measured, indicated, inferred)
• Realistic modifying factors and reasonable prospects for extraction
• Transparent imagery, including pit shells and drill pierce points
• A well-documented JORC Table 1 in the appendix

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What should we question when reading these?

Matt shares his personal “hit list” of red flags:

• Superlatives like “world’s biggest” or “game-changing” without data to back it up
• Overly complex estimation methods that might hint at tricky geology
• Peer comparisons that are cherry-picked or lack proper referencing
• Resource estimates that aren’t constrained or are built on shallow data
• Inconsistent or overly optimistic classification, particularly in inferred categories
• Glossy diagrams with little technical substance

He also notes the importance of looking for signs of extrapolation – where drill data is being stretched too far – and whether reported intercepts could actually be mined at that thickness..

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One last point: disclosure matters.

A recurring theme in the discussion is the importance of transparency. Whether it’s the release of a maiden resource, an update that significantly changes a previous estimate, or a shift in economic assumptions, the responsibility is the same: tell the market what it needs to know in a way it can understand.

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📺 Watch or listen to the full episode
Available now on YouTube, Spotify, Apple Podcasts, and all major platforms.

🔖 Stay tuned for more bite-sized insights in our Fresh Thinking 3-Minute Read series.

If you would like to contact either Matt or Tarrant: contact@snowdenoptiro.com

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Want to hear or watch the full podcast?
Catch the full conversation as an audio podcast on Spotify – and don’t forget to Subscribe for more Fresh Thinking.

Here is a LINK to our Snowden Optiro YouTube channel.

Snowden Optiro is a resources consulting and advisory group that provides independent advice, consulting and training to mining and exploration companies, their advisors and investors.

We help mine developers to advance their projects, mining companies to improve their operations and their professionals, and investors to de-risk their investments by the provision of quality advice, training and software in the field of Mineral Resources and Mineral/Ore Reserves.

LINK to Snowden Optiro website